Tuesday, 16 September 2014

Natural Gas Technical Recommendations

Natural gas prices went against our view where in the commodity managed gains of around 2%. NYMEX NG for active October contract closed higher by 1.9%  to $3.93 per MMBTU whereas in India, MCX NG too jumped 1.95% to Rs 240 per MMBTU level.

NG climbed yesterday, extending its gains from last week. While we held a range bias in the commodity with negative bias on expectations that the commodity might look for fresh triggers over weather, extended warmer weather outlook in the USC west probably supported the commodity yesterday. While weather related changes are depicting a very high volatility in the US lately, we hold a cautious stand in the commodity though still believe, any major positivism in prices in unlikely. Intraday outlook is seen ranged.

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